Developing a socio-economic framework for assessing the effectiveness of Expanded Public Works Programmes (EPWP): The case of the Prosopis mesquite Working for Water clearing project in the Northern Cape Province, South Africa
- Authors: Ntsonge, Sinazo
- Date: 2023-10-13
- Subjects: Uncatalogued
- Language: English
- Type: Academic theses , Doctoral theses , text
- Identifier: http://hdl.handle.net/10962/419219 , vital:71626 , DOI 10.21504/10962/419219
- Description: The EPWP functions as a bridge between unemployment and entry into the labour market by providing work readiness skills training to its beneficiaries who receive below-market rate stipends for the short- term duration of their participation. The EPWP combines service delivery issues with social development objectives by promoting intensive manual labour in its projects. As a social protection strategy, public works programmes cater to those who do not meet the criteria to receive government social grants. As one of the programmes under the EPWP dealing with the control and eradication of invasive alien plants, the Working for Water (WfW) programme also uses intensive manual labour methods for clearing alien plant species. Although the clearing successes of WfW are well documented, the programme has focused little attention to the longer-term livelihood impacts of the temporary work and skills training provided to beneficiaries. This study suggests this could be due to a lack of the appropriate indicators to measure these outcomes. Therefore, an evaluation framework for environmental public works projects is proposed, which consists of outcome indicators to track the livelihood impact of the work experience and skills training on the beneficiaries post-participation, since the aim of these EPWP interventions is to improve beneficiaries’ labour market outcomes. The Northern Cape province’s Prosopis mesquite clearing project was used as the case study to develop and test the evaluation framework. The outcome indicators were informed by the key stakeholders’ interviews and the beneficiaries’ survey, specifically since the beneficiaries were well placed to give feedback on the benefits of the work experience and training post-participation. The combined strengths of the Sustainable Livelihoods Approach and the Capability Approach were useful for formulating the outcomes indicators, while the indicators for the inputs, activities and outputs were formulated from the key stakeholder interviews and online EPWP reports. A mixed methods approach was used and primary data were collected through key stakeholder interviews with the Prosopis mesquite clearing project managers and an online survey with some of the beneficiaries. Online EPWP reports and records obtained from WfW were used as secondary data. Data analysis used RStudio, Microsoft Excel and GraphPad Prism. The data analysis and evaluation framework indicators constituted the results section and aimed to highlight the factors that managers should focus on to achieve the desired livelihood outcomes. The proposed outcome indicators can be used to gauge the effectiveness of environmental public works’ social development interventions. The results revealed that the project budget fluctuations resulted in the Working for Water managers adopting a myopic view in administering the workdays and skills training, which diminished the livelihood impact of the Prosopis mesquite clearing project to merely a ‘make work’ project with no observable longer-term livelihood benefits. The selection input indicators and their utilisation during project activities needs to be better aligned with the desired longer-term livelihood outcomes that these environmental public works projects seek to achieve, mainly that of preparing beneficiaries for jobs in the labour market. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Ntsonge, Sinazo
- Date: 2023-10-13
- Subjects: Uncatalogued
- Language: English
- Type: Academic theses , Doctoral theses , text
- Identifier: http://hdl.handle.net/10962/419219 , vital:71626 , DOI 10.21504/10962/419219
- Description: The EPWP functions as a bridge between unemployment and entry into the labour market by providing work readiness skills training to its beneficiaries who receive below-market rate stipends for the short- term duration of their participation. The EPWP combines service delivery issues with social development objectives by promoting intensive manual labour in its projects. As a social protection strategy, public works programmes cater to those who do not meet the criteria to receive government social grants. As one of the programmes under the EPWP dealing with the control and eradication of invasive alien plants, the Working for Water (WfW) programme also uses intensive manual labour methods for clearing alien plant species. Although the clearing successes of WfW are well documented, the programme has focused little attention to the longer-term livelihood impacts of the temporary work and skills training provided to beneficiaries. This study suggests this could be due to a lack of the appropriate indicators to measure these outcomes. Therefore, an evaluation framework for environmental public works projects is proposed, which consists of outcome indicators to track the livelihood impact of the work experience and skills training on the beneficiaries post-participation, since the aim of these EPWP interventions is to improve beneficiaries’ labour market outcomes. The Northern Cape province’s Prosopis mesquite clearing project was used as the case study to develop and test the evaluation framework. The outcome indicators were informed by the key stakeholders’ interviews and the beneficiaries’ survey, specifically since the beneficiaries were well placed to give feedback on the benefits of the work experience and training post-participation. The combined strengths of the Sustainable Livelihoods Approach and the Capability Approach were useful for formulating the outcomes indicators, while the indicators for the inputs, activities and outputs were formulated from the key stakeholder interviews and online EPWP reports. A mixed methods approach was used and primary data were collected through key stakeholder interviews with the Prosopis mesquite clearing project managers and an online survey with some of the beneficiaries. Online EPWP reports and records obtained from WfW were used as secondary data. Data analysis used RStudio, Microsoft Excel and GraphPad Prism. The data analysis and evaluation framework indicators constituted the results section and aimed to highlight the factors that managers should focus on to achieve the desired livelihood outcomes. The proposed outcome indicators can be used to gauge the effectiveness of environmental public works’ social development interventions. The results revealed that the project budget fluctuations resulted in the Working for Water managers adopting a myopic view in administering the workdays and skills training, which diminished the livelihood impact of the Prosopis mesquite clearing project to merely a ‘make work’ project with no observable longer-term livelihood benefits. The selection input indicators and their utilisation during project activities needs to be better aligned with the desired longer-term livelihood outcomes that these environmental public works projects seek to achieve, mainly that of preparing beneficiaries for jobs in the labour market. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
Examining the expenditures and retention of money of recreational fishing along the Wild Coast, South Africa
- Authors: Pyle, Michael Jonathan
- Date: 2023-10-13
- Subjects: Uncatalogued
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419673 , vital:71665
- Description: Developing countries and rural communities rely heavily on the ocean for food, transport, and the sustainability of their livelihoods. While the economics of small-scale fisheries in rural areas have received much attention, there is generally less information on the economic contributions from recreational fisheries in these areas. South Africa’s marine recreational fishery is large and contributes to a significant amount of economic activity. However, the retention of money from recreational fishing activities in local rural economies is unknown and thus the potential developmental benefits from this sector remain unquantified. This study examined the economic contributions from recreational fishing along the Wild Coast and retention of expenditures within the local economy. A total of 109 face-to-face economic surveys were administered during the peak recreational fishing season in December 2021. Based on the results, recreational fishing in the Wild Coast has the ability to generate R 415 446 098 in economic activity annually, however only 9.5% of this is retained within local coastal economies, which diminishes the economic contributions of the fishery to the Wild Coast region. Expenditures on items stemming from the informal collection and selling of bait and seafood, domestic work and guiding were the highest locally retained expenditures within the region. 98% of all bait and seafood was harvested and sold by local gillies, with 2% being bought through hotels (n=109). The total direct economic contribution in terms of informal harvesting was estimated at R 16 077 711 for 2021 (n= 9 601). The identification of these contributions can be used to provide recommendations for local economic development strategies which can support the recreational fishery while uplifting coastal communities that should be benefitting more from the activity. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Pyle, Michael Jonathan
- Date: 2023-10-13
- Subjects: Uncatalogued
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419673 , vital:71665
- Description: Developing countries and rural communities rely heavily on the ocean for food, transport, and the sustainability of their livelihoods. While the economics of small-scale fisheries in rural areas have received much attention, there is generally less information on the economic contributions from recreational fisheries in these areas. South Africa’s marine recreational fishery is large and contributes to a significant amount of economic activity. However, the retention of money from recreational fishing activities in local rural economies is unknown and thus the potential developmental benefits from this sector remain unquantified. This study examined the economic contributions from recreational fishing along the Wild Coast and retention of expenditures within the local economy. A total of 109 face-to-face economic surveys were administered during the peak recreational fishing season in December 2021. Based on the results, recreational fishing in the Wild Coast has the ability to generate R 415 446 098 in economic activity annually, however only 9.5% of this is retained within local coastal economies, which diminishes the economic contributions of the fishery to the Wild Coast region. Expenditures on items stemming from the informal collection and selling of bait and seafood, domestic work and guiding were the highest locally retained expenditures within the region. 98% of all bait and seafood was harvested and sold by local gillies, with 2% being bought through hotels (n=109). The total direct economic contribution in terms of informal harvesting was estimated at R 16 077 711 for 2021 (n= 9 601). The identification of these contributions can be used to provide recommendations for local economic development strategies which can support the recreational fishery while uplifting coastal communities that should be benefitting more from the activity. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
Liquidity shocks and capital market efficiency in South Africa
- Matapuri, Dexter Tinotenda Kushinga
- Authors: Matapuri, Dexter Tinotenda Kushinga
- Date: 2023-10-13
- Subjects: Liquidity (Economics) , Stock exchanges South Africa , Insolvency , Securities South Africa , Capital market South Africa , Investments, Foreign
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419610 , vital:71659
- Description: Financial markets are dynamic in nature. As such, one way to keep up with their plethora of variables is to conduct research and seek understanding on how they all work together. Understanding financial market mechanics is the key to achieving and maintaining efficient capital markets. The goal of many economies is to have efficient capital markets mainly because they entail economic growth. One of the common avenues here being foreign direct investments. Therefore, over the years, a lot of financial economics research has been conducted on how best to attain financial market development which ultimately yields capital market efficiency. The opposite is also true. This research therefore set out to study the impact of liquidity shocks on capital market efficiency, more specifically stock market efficiency. As such, the overarching research goal was to determine the link between liquidity shocks and stock market efficiency in South Africa. Furthermore, the research also tested whether there is a homogenous impact exerted by liquidity shocks on the JSE Financial 15, JSE Industrial 25 and JSE Resource 20 indices. The arguments and thus conclusions of the research were constructed based on existing theories such as the Efficient Market hypothesis, Behavioural Finance and the Adaptive Market Hypothesis. Literature and existing empirical evidence related to the topic were also analysed and used for the same purpose. Econometric methods used to achieve these research goals include the time series and panel ARDL, impulse response and variance decomposition tests and the Granger Causality tests. The research found that liquidity shocks do impact stock market efficiency in South Africa in both the short run and long run. The direction of the impact was noted to vary with time and dependent on the liquidity shock proxy. Key findings here were that liquidity shocks lower JSE All-Share index efficiency in the short run thus allowing market participants to beat the market in the initial phases of a liquidity shock. Adding on, it was also found that illiquidity shocks lower efficiency for the JSE Financial 15 and Industrial 25 indices in the short run. In the long run, stock market efficiency is enhanced no matter the source of the shock. As such, the research recommended that regulatory policies should focus on liquidity shocks in the short run for the JSE All-Share index and on illiquidity shocks in the short run for the Financial 15 and Industrial 25 indices. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Matapuri, Dexter Tinotenda Kushinga
- Date: 2023-10-13
- Subjects: Liquidity (Economics) , Stock exchanges South Africa , Insolvency , Securities South Africa , Capital market South Africa , Investments, Foreign
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419610 , vital:71659
- Description: Financial markets are dynamic in nature. As such, one way to keep up with their plethora of variables is to conduct research and seek understanding on how they all work together. Understanding financial market mechanics is the key to achieving and maintaining efficient capital markets. The goal of many economies is to have efficient capital markets mainly because they entail economic growth. One of the common avenues here being foreign direct investments. Therefore, over the years, a lot of financial economics research has been conducted on how best to attain financial market development which ultimately yields capital market efficiency. The opposite is also true. This research therefore set out to study the impact of liquidity shocks on capital market efficiency, more specifically stock market efficiency. As such, the overarching research goal was to determine the link between liquidity shocks and stock market efficiency in South Africa. Furthermore, the research also tested whether there is a homogenous impact exerted by liquidity shocks on the JSE Financial 15, JSE Industrial 25 and JSE Resource 20 indices. The arguments and thus conclusions of the research were constructed based on existing theories such as the Efficient Market hypothesis, Behavioural Finance and the Adaptive Market Hypothesis. Literature and existing empirical evidence related to the topic were also analysed and used for the same purpose. Econometric methods used to achieve these research goals include the time series and panel ARDL, impulse response and variance decomposition tests and the Granger Causality tests. The research found that liquidity shocks do impact stock market efficiency in South Africa in both the short run and long run. The direction of the impact was noted to vary with time and dependent on the liquidity shock proxy. Key findings here were that liquidity shocks lower JSE All-Share index efficiency in the short run thus allowing market participants to beat the market in the initial phases of a liquidity shock. Adding on, it was also found that illiquidity shocks lower efficiency for the JSE Financial 15 and Industrial 25 indices in the short run. In the long run, stock market efficiency is enhanced no matter the source of the shock. As such, the research recommended that regulatory policies should focus on liquidity shocks in the short run for the JSE All-Share index and on illiquidity shocks in the short run for the Financial 15 and Industrial 25 indices. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
The political economy of industrial policy in post-apartheid South Africa: a comparative case study analysis of Brazil and South Korea
- Modisaotsile, Botlhale Phurulla
- Authors: Modisaotsile, Botlhale Phurulla
- Date: 2023-10-13
- Subjects: Industrial policy South Africa , South Africa Economic conditions 1991- , Korea (South) Economic conditions , Brazil Economic conditions , Apartheid South Africa , Political economy , Deindustrialization
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419703 , vital:71668
- Description: South Africa is a country that has experienced premature deindustrialisation due to its inability to move out of middle-income status. The role of industrial policy in South Africa is pivotal to taking the country to greater economic heights and a higher-income status. South Africa’s historical context indicates that the country experienced its highest GDP growth rates during the apartheid economy. Since the demise of apartheid, the post-apartheid economy has experienced poverty and economic inequality that the South African government cannot eradicate. This thesis addresses the failure of South Africa to overcome premature deindustrialisation, and it discusses the state of the political economy and economic growth in a pre-apartheid and post-apartheid context. The thesis also addressed the significance of industrial policy through the establishment of the Industrial Policy Action Plan (IPAP). The shortcomings and successes of IPAP form a critical part of the research and present an analysis of different economic sectors. This thesis also assesses the state of industrial policy using two countries as case studies: Brazil and South Korea. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Modisaotsile, Botlhale Phurulla
- Date: 2023-10-13
- Subjects: Industrial policy South Africa , South Africa Economic conditions 1991- , Korea (South) Economic conditions , Brazil Economic conditions , Apartheid South Africa , Political economy , Deindustrialization
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419703 , vital:71668
- Description: South Africa is a country that has experienced premature deindustrialisation due to its inability to move out of middle-income status. The role of industrial policy in South Africa is pivotal to taking the country to greater economic heights and a higher-income status. South Africa’s historical context indicates that the country experienced its highest GDP growth rates during the apartheid economy. Since the demise of apartheid, the post-apartheid economy has experienced poverty and economic inequality that the South African government cannot eradicate. This thesis addresses the failure of South Africa to overcome premature deindustrialisation, and it discusses the state of the political economy and economic growth in a pre-apartheid and post-apartheid context. The thesis also addressed the significance of industrial policy through the establishment of the Industrial Policy Action Plan (IPAP). The shortcomings and successes of IPAP form a critical part of the research and present an analysis of different economic sectors. This thesis also assesses the state of industrial policy using two countries as case studies: Brazil and South Korea. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
The role of local level agency in a just green transition: the case of Rhodes University
- Authors: Nel, Vanray
- Date: 2023-10-13
- Subjects: Green economy , Just Transition , Clean energy South Africa Makhanda , Rhodes University , Triple bottom line , Sustainable development South Africa Makhanda
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419643 , vital:71662
- Description: The research uses a richly contextualised case study of Rhodes University to explore the role of local level agency in a just green transition. The central concept of the thesis is mainstreaming sustainability. Sustainability has become a core objective both at the macro and micro levels. The just green transition and triple bottom line are shorthand for these macro and micro concepts. At the macro level, there is increasing evidence suggesting that transitioning to a sustainable economy can be a key driver of economic development. At the micro level, the elements of the triple bottom line increasingly overlap, with sustainability no longer a separate goal, or a ‘nice to have’, but integral to organisational success. However, this potential is clearly not being realised, and sustainability often remains ‘niche’. Lack of progress at the macro-level reinforces the importance of bottom-up, local level agency. In keeping with the broader micro-level literature, the case study strongly suggests that mainstreaming sustainability would have multiple benefits. These include reducing dependence on unreliable state-provided services and enhancing Rhodes University’s standing as a genuinely transformative institution. The evidence suggests that there is a pure financial case for green investments, such as the construction of a solar farm at Rhodes University, even before accounting for the social and environmental benefits of such an initiative. This shifts the focus to why institutions like Rhodes University have not been proactive in mainstreaming sustainability. The document analysis and the interviews showed that there is an awareness of the importance and potential of mainstreaming sustainability. However, the funding squeeze is often misperceived as a binding constraint, and there is an absence of innovative thinking about how to finance projects with high returns, such as a solar farm. A theme amongst several of the interviewees was that the university should embrace a policy of enhancing small changes as a way of mainstreaming sustainability gradually. Even here, there are doubts about whether the organisational structure of the university will allow this. On the other hand, there are positive signs that the increasing sense of crisis means management and other key stakeholders are gradually shifting towards seeing the crucial importance of the university embracing a more proactive stance. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Nel, Vanray
- Date: 2023-10-13
- Subjects: Green economy , Just Transition , Clean energy South Africa Makhanda , Rhodes University , Triple bottom line , Sustainable development South Africa Makhanda
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419643 , vital:71662
- Description: The research uses a richly contextualised case study of Rhodes University to explore the role of local level agency in a just green transition. The central concept of the thesis is mainstreaming sustainability. Sustainability has become a core objective both at the macro and micro levels. The just green transition and triple bottom line are shorthand for these macro and micro concepts. At the macro level, there is increasing evidence suggesting that transitioning to a sustainable economy can be a key driver of economic development. At the micro level, the elements of the triple bottom line increasingly overlap, with sustainability no longer a separate goal, or a ‘nice to have’, but integral to organisational success. However, this potential is clearly not being realised, and sustainability often remains ‘niche’. Lack of progress at the macro-level reinforces the importance of bottom-up, local level agency. In keeping with the broader micro-level literature, the case study strongly suggests that mainstreaming sustainability would have multiple benefits. These include reducing dependence on unreliable state-provided services and enhancing Rhodes University’s standing as a genuinely transformative institution. The evidence suggests that there is a pure financial case for green investments, such as the construction of a solar farm at Rhodes University, even before accounting for the social and environmental benefits of such an initiative. This shifts the focus to why institutions like Rhodes University have not been proactive in mainstreaming sustainability. The document analysis and the interviews showed that there is an awareness of the importance and potential of mainstreaming sustainability. However, the funding squeeze is often misperceived as a binding constraint, and there is an absence of innovative thinking about how to finance projects with high returns, such as a solar farm. A theme amongst several of the interviewees was that the university should embrace a policy of enhancing small changes as a way of mainstreaming sustainability gradually. Even here, there are doubts about whether the organisational structure of the university will allow this. On the other hand, there are positive signs that the increasing sense of crisis means management and other key stakeholders are gradually shifting towards seeing the crucial importance of the university embracing a more proactive stance. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
The yield spread as a predictor for buy or sell signals for sectoral indices of the JSE
- Authors: Roeber, Christine
- Date: 2023-10-13
- Subjects: Yield curve , Rate of return South Africa , Yield spread , Interest rate , Johannesburg Stock Exchange
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419687 , vital:71666
- Description: The predictive nature of the yield curve has been of interest to researchers for years. In this thesis, the evidence for the yield curve as a predictor is examine, specifically as a predictor for bear markets in the JSE stock market for 8 sub-sectoral indices. The study explores a dynamic market timing strategy for timing the South African stock market compared to a normal buy-and-hold strategy. First, probit models are estimated for each of the sectoral indices which did not prove to have tracked well all the bear market phases. Then a dynamic market timing portfolio is simulated against a buy-and-hold only strategy, the dynamic market timing portfolio proved to have outperformed a buy-and-hold strategy for almost all the indices. Thus, a Henriksson-Merton parametric model test which tests for market timing ability was done on these sub-indices. The research finds that the yield curve in South Africa is not a useful tool for a buy-sell strategy for most of the sub-sectoral indices of the JSE. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
- Authors: Roeber, Christine
- Date: 2023-10-13
- Subjects: Yield curve , Rate of return South Africa , Yield spread , Interest rate , Johannesburg Stock Exchange
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419687 , vital:71666
- Description: The predictive nature of the yield curve has been of interest to researchers for years. In this thesis, the evidence for the yield curve as a predictor is examine, specifically as a predictor for bear markets in the JSE stock market for 8 sub-sectoral indices. The study explores a dynamic market timing strategy for timing the South African stock market compared to a normal buy-and-hold strategy. First, probit models are estimated for each of the sectoral indices which did not prove to have tracked well all the bear market phases. Then a dynamic market timing portfolio is simulated against a buy-and-hold only strategy, the dynamic market timing portfolio proved to have outperformed a buy-and-hold strategy for almost all the indices. Thus, a Henriksson-Merton parametric model test which tests for market timing ability was done on these sub-indices. The research finds that the yield curve in South Africa is not a useful tool for a buy-sell strategy for most of the sub-sectoral indices of the JSE. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-10-13
An empirical analysis of the interplay among bank competition, bank stability and regulation: a case study of banks in Zimbabwe
- Nyamuronda, Gracious Varayidzo
- Authors: Nyamuronda, Gracious Varayidzo
- Date: 2023-03-31
- Subjects: Capital adequacy ratio , Autoregression (Statistics) , Panel analysis , Competition Zimbabwe , Banks and banking Zimbabwe , Bank regulation , Economic stabilization Zimbabwe
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419473 , vital:71647
- Description: This study empirically examined the interconnection among bank competition, regulation and stability of eighteen Zimbabwean banks during the period 2011-2017. Zscore, Capital Adequacy Ratio (CAD), and Loans market share and Deposits market share which are proxies for stability, regulation and competition respectively were examined firstly using the Panel Vector Autoregressive (PVAR) model. Model 1 used loans market share as a proxy for competition and model 2 used deposits market share instead. The stability test using Eigenvalue Stability Condition showed that the PVAR model is unstable. Secondly, the above variables and five bank specific variables (i.e., credit risk, management efficiency, liquidity, return on assets and bank size) were estimated using the Feasible Generalised Least Squares (FGLS) model. The study documents that competition positively contributed to stability and regulation negatively influenced the stability of the Zimbabwean banks. Meanwhile, bank size and credit risk have a negative relationship with stability; management efficiency and liquidity have a positive relationship. Return On Assets has a negative and positive relationship with stability in model 1 and model 2, respectively. The findings implied that to enhance stability, banks must experience a competitive environment, reasonably low minimum capital requirements and cautiously designed regulatory frameworks. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-03-31
- Authors: Nyamuronda, Gracious Varayidzo
- Date: 2023-03-31
- Subjects: Capital adequacy ratio , Autoregression (Statistics) , Panel analysis , Competition Zimbabwe , Banks and banking Zimbabwe , Bank regulation , Economic stabilization Zimbabwe
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/419473 , vital:71647
- Description: This study empirically examined the interconnection among bank competition, regulation and stability of eighteen Zimbabwean banks during the period 2011-2017. Zscore, Capital Adequacy Ratio (CAD), and Loans market share and Deposits market share which are proxies for stability, regulation and competition respectively were examined firstly using the Panel Vector Autoregressive (PVAR) model. Model 1 used loans market share as a proxy for competition and model 2 used deposits market share instead. The stability test using Eigenvalue Stability Condition showed that the PVAR model is unstable. Secondly, the above variables and five bank specific variables (i.e., credit risk, management efficiency, liquidity, return on assets and bank size) were estimated using the Feasible Generalised Least Squares (FGLS) model. The study documents that competition positively contributed to stability and regulation negatively influenced the stability of the Zimbabwean banks. Meanwhile, bank size and credit risk have a negative relationship with stability; management efficiency and liquidity have a positive relationship. Return On Assets has a negative and positive relationship with stability in model 1 and model 2, respectively. The findings implied that to enhance stability, banks must experience a competitive environment, reasonably low minimum capital requirements and cautiously designed regulatory frameworks. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2023
- Full Text:
- Date Issued: 2023-03-31
Bitcoin's potential for use as a hedge against adverse market conditions in South Africa
- Authors: Faba, Yonela
- Date: 2022-10-14
- Subjects: Bitcoin , Hedging (Finance) , Cryptocurrencies , Macroeconomics , Accounting and price fluctuations , Economic forecasting South Africa , Econometric models
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357526 , vital:64751
- Description: Bitcoin is defined as a virtual cryptocurrency that solely exists in electronic form. Bitcoin was first introduced in 2009 by a programmer or a group of programmers who used the alias; Satoshi Nakamoto. Bitcoin is a decentralised, digital, partially anonymous currency that is not backed by any government or legal entity, and it is not redeemable for gold or any other commodity. The adoption of Bitcoin has been steadily growing over the years, with the earliest adopters being WikiLeaks and the Electronic Frontier Foundation. Ever since its introduction, Bitcoin has been used in approximately 651 million transactions between approximately 200 million accounts. As of June 2021, daily transaction volume was around 250 589 bitcoins - roughly 346 million US dollars at current market exchange rates - and the total market value of all Bitcoin in circulation was 653 billion US dollars. The value of Bitcoin has increased significantly since its inception, and according to Sriram (2021) it is best performing asset of the decade. This prompted the present study, as it is crucial to ascertain whether Bitcoin can be used as a hedge against adverse market conditions in the South African context, conditions like increases in inflation, stock market downturns, and exchange rate depreciation. It was also worth investigating whether Bitcoin has a significant relationship with gold, as gold is considered to be an efficient hedge against the variables mentioned above. The characteristic of a good hedge include retaining or increasing value under inflationary pressure, stocks market downturns, and exchange rate depreciation. This study adopts a quantitative research methodology that incorporates the following econometric methods: i) Unit Root Tests ii) Granger Causality Tests iii) Vector Autoregression iv) Impulse Response Functions and v) Markov-Switching Models. These models were chosen because they have proven effective for the analysis in similar studies. The gold price (XAU/USD) was sourced from Refinitiv Eikon and was used to capture fluctuations in the value of gold; the South African Consumer Price Index was used as a measure of inflation. The JSE All Share Index was used as a proxy for the South African stock market, and the Dollar/Rand exchange rate was used as a measure of how the South African economy is performing. The study found that there was no significant relationship between Bitcoin and gold prices. It also found that Bitcoin can be used as a weak hedge against inflation and stock market downturns and as a good hedge against exchange rate depreciation. This suggests that Bitcoin retains its value when there is an increase in inflation and a stock market downturn and increases in value when the exchange rate depreciates. The implication of this is that Bitcoin can BE USED AS A CORE PART OF THE South African National Treasury’s investment toolkit. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Faba, Yonela
- Date: 2022-10-14
- Subjects: Bitcoin , Hedging (Finance) , Cryptocurrencies , Macroeconomics , Accounting and price fluctuations , Economic forecasting South Africa , Econometric models
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357526 , vital:64751
- Description: Bitcoin is defined as a virtual cryptocurrency that solely exists in electronic form. Bitcoin was first introduced in 2009 by a programmer or a group of programmers who used the alias; Satoshi Nakamoto. Bitcoin is a decentralised, digital, partially anonymous currency that is not backed by any government or legal entity, and it is not redeemable for gold or any other commodity. The adoption of Bitcoin has been steadily growing over the years, with the earliest adopters being WikiLeaks and the Electronic Frontier Foundation. Ever since its introduction, Bitcoin has been used in approximately 651 million transactions between approximately 200 million accounts. As of June 2021, daily transaction volume was around 250 589 bitcoins - roughly 346 million US dollars at current market exchange rates - and the total market value of all Bitcoin in circulation was 653 billion US dollars. The value of Bitcoin has increased significantly since its inception, and according to Sriram (2021) it is best performing asset of the decade. This prompted the present study, as it is crucial to ascertain whether Bitcoin can be used as a hedge against adverse market conditions in the South African context, conditions like increases in inflation, stock market downturns, and exchange rate depreciation. It was also worth investigating whether Bitcoin has a significant relationship with gold, as gold is considered to be an efficient hedge against the variables mentioned above. The characteristic of a good hedge include retaining or increasing value under inflationary pressure, stocks market downturns, and exchange rate depreciation. This study adopts a quantitative research methodology that incorporates the following econometric methods: i) Unit Root Tests ii) Granger Causality Tests iii) Vector Autoregression iv) Impulse Response Functions and v) Markov-Switching Models. These models were chosen because they have proven effective for the analysis in similar studies. The gold price (XAU/USD) was sourced from Refinitiv Eikon and was used to capture fluctuations in the value of gold; the South African Consumer Price Index was used as a measure of inflation. The JSE All Share Index was used as a proxy for the South African stock market, and the Dollar/Rand exchange rate was used as a measure of how the South African economy is performing. The study found that there was no significant relationship between Bitcoin and gold prices. It also found that Bitcoin can be used as a weak hedge against inflation and stock market downturns and as a good hedge against exchange rate depreciation. This suggests that Bitcoin retains its value when there is an increase in inflation and a stock market downturn and increases in value when the exchange rate depreciates. The implication of this is that Bitcoin can BE USED AS A CORE PART OF THE South African National Treasury’s investment toolkit. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
Factors constraining and enabling the adoption of a disruptive technology by African small, micro, and medium enterprises for the Fourth Industrial Revolution: The case of mobile money
- Authors: Tarr, Dillon
- Date: 2022-10-14
- Subjects: Disruptive technologies , Mobile commerce , Industry 4.0 , Small business Africa, Sub-Saharan , Diffusion of innovations Africa, Sub-Saharan , Technological innovations Management
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357709 , vital:64770
- Description: The Fourth Industrial Revolution (4IR) is set to disrupt existing economic and social structures through the use of cyber-physical systems that result from a fusion of the digital, biological, and physical spheres. The fifth and current long wave of innovation is going through such a digital revolution in the ongoing deployment period which is being driven by the generalpurpose technologies of Artificial Intelligence and the Internet of Things, among other cyberphysical systems. The impact of mobile money in the access of financial services has shown how disruptive incremental innovations in mobile and digital technologies can be. The transformational power of mobile money in financial access is due to its use as an accessible financial tool that utilizes mobile devices to send and/or receive money over great distances. With the 4IR looming, this thesis determines the factors that enable and constrain the adoption of a disruptive technology amongst Sub-Saharan African small, micro, and medium enterprises (SMMEs). Therefore, due to its impact on financial inclusion and the formalization of SMMEs, mobile money is used as an indicator for the adoption of 4IR disruptive digital technologies. The adoption of mobile money was evaluated using secondary data from a survey conducted by Research ICT Africa, which surveyed 4408 SMMEs in nine African countries. The Diffusion of Innovations (DOI) model and the Unified Theory of Acceptance and Use of Technology (UTAUT) model were used to identify the factors enabling and constraining the adoption of a disruptive technology, in this case mobile money. Factors included gender, vocational training, business skills training, tertiary education, services, performance expectancy, social media, location, and nine African countries (Kenya, Mozambique, Ghana, Nigeria, Rwanda, South Africa, Tanzania, Uganda, and Senegal). The factors were grouped into owner characteristics, firm attributes and country attributes. SMME owners with business skills (49%) showed the highest level of adoption in terms of owner characteristics, Kenyan SMMEs (21%) had the highest adoption between the countries surveyed, and social media (62%) showed the highest adoption in terms of firm attributes followed by the formal variable (47%). In general, only 29% of SMMEs surveyed adopted mobile money. The study found that women SMME owners were more likely to be affected by business formality when adopting a disruptive technology compared to male owned SMMEs. This is because informality often exacerbates other barriers/challenges women face such as lower access to finance, lower ability to exercise property, business, and labour rights, and lower visibility. The results also demonstrate that vocational training is more important than general tertiary education for the ii adoption of a disruptive technology such as mobile money. Furthermore, when using social media as a tool for business advice SMME owners were more likely to adopt the disruptive technology. The study suggests that to encourage African SMMEs to adequately adopt disruptive technologies of the 4IR, more women owned SMMEs need to enter the formal economy, and vocational training targeted at business skills must be promoted amongst all SMME owners. Eastern African SMMEs were found to be more likely to adopt mobile money compared to other African regions. The finding demonstrates the need for more African countries (particularly outside of the Eastern African region) to encourage innovation by addressing the four enablers of mobile connectivity (i.e. infrastructure, affordability, consumer readiness, and mobile services) which will in effect lead to economic growth and development. The study shows that to address country/regional differences, in addition to building the required infrastructure in terms of mobile internet connectivity, countries should increase the local relevancy of disruptive technologies between SMMEs. To achieve this the study suggests increasing mobile social media penetration rates. This is because when social media is used as a tool for business advice SMME owners are more likely to adopt a disruptive technology (as is the case with mobile money) due to the social influence of social media. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Tarr, Dillon
- Date: 2022-10-14
- Subjects: Disruptive technologies , Mobile commerce , Industry 4.0 , Small business Africa, Sub-Saharan , Diffusion of innovations Africa, Sub-Saharan , Technological innovations Management
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357709 , vital:64770
- Description: The Fourth Industrial Revolution (4IR) is set to disrupt existing economic and social structures through the use of cyber-physical systems that result from a fusion of the digital, biological, and physical spheres. The fifth and current long wave of innovation is going through such a digital revolution in the ongoing deployment period which is being driven by the generalpurpose technologies of Artificial Intelligence and the Internet of Things, among other cyberphysical systems. The impact of mobile money in the access of financial services has shown how disruptive incremental innovations in mobile and digital technologies can be. The transformational power of mobile money in financial access is due to its use as an accessible financial tool that utilizes mobile devices to send and/or receive money over great distances. With the 4IR looming, this thesis determines the factors that enable and constrain the adoption of a disruptive technology amongst Sub-Saharan African small, micro, and medium enterprises (SMMEs). Therefore, due to its impact on financial inclusion and the formalization of SMMEs, mobile money is used as an indicator for the adoption of 4IR disruptive digital technologies. The adoption of mobile money was evaluated using secondary data from a survey conducted by Research ICT Africa, which surveyed 4408 SMMEs in nine African countries. The Diffusion of Innovations (DOI) model and the Unified Theory of Acceptance and Use of Technology (UTAUT) model were used to identify the factors enabling and constraining the adoption of a disruptive technology, in this case mobile money. Factors included gender, vocational training, business skills training, tertiary education, services, performance expectancy, social media, location, and nine African countries (Kenya, Mozambique, Ghana, Nigeria, Rwanda, South Africa, Tanzania, Uganda, and Senegal). The factors were grouped into owner characteristics, firm attributes and country attributes. SMME owners with business skills (49%) showed the highest level of adoption in terms of owner characteristics, Kenyan SMMEs (21%) had the highest adoption between the countries surveyed, and social media (62%) showed the highest adoption in terms of firm attributes followed by the formal variable (47%). In general, only 29% of SMMEs surveyed adopted mobile money. The study found that women SMME owners were more likely to be affected by business formality when adopting a disruptive technology compared to male owned SMMEs. This is because informality often exacerbates other barriers/challenges women face such as lower access to finance, lower ability to exercise property, business, and labour rights, and lower visibility. The results also demonstrate that vocational training is more important than general tertiary education for the ii adoption of a disruptive technology such as mobile money. Furthermore, when using social media as a tool for business advice SMME owners were more likely to adopt the disruptive technology. The study suggests that to encourage African SMMEs to adequately adopt disruptive technologies of the 4IR, more women owned SMMEs need to enter the formal economy, and vocational training targeted at business skills must be promoted amongst all SMME owners. Eastern African SMMEs were found to be more likely to adopt mobile money compared to other African regions. The finding demonstrates the need for more African countries (particularly outside of the Eastern African region) to encourage innovation by addressing the four enablers of mobile connectivity (i.e. infrastructure, affordability, consumer readiness, and mobile services) which will in effect lead to economic growth and development. The study shows that to address country/regional differences, in addition to building the required infrastructure in terms of mobile internet connectivity, countries should increase the local relevancy of disruptive technologies between SMMEs. To achieve this the study suggests increasing mobile social media penetration rates. This is because when social media is used as a tool for business advice SMME owners are more likely to adopt a disruptive technology (as is the case with mobile money) due to the social influence of social media. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
High road or common neoliberal trajectory? Collective bargaining, wage share, and varieties of capitalism
- Mpuku, Mutale Natasha Muchule
- Authors: Mpuku, Mutale Natasha Muchule
- Date: 2022-10-14
- Subjects: Collective bargaining , Globalization , Labor union members , Wages Statistics , Income distribution , Economic development , Neoliberalism , Capitalism
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357611 , vital:64760
- Description: Wage shares have been falling since the 1980s across developing and developed countries. There has also been a downward trend with labour market institutions in these countries, with a few exceptions. This thesis analyzes these trends using firstly an extended literature review and secondly an econometrics analysis of a panel of 36 countries over 39 years. The extended literature review identified two broad competing narratives surrounding this topic: the mainstream and the alternative growth narratives. They both focus on two different growth regimes, the former, posits that growth is profit-led and the latter that growth is wage-led. Both are not ‘zero sum’ processes and seem to offer the same end result (growth and development). However, profit-led growth seems to have two problems. First, at least in the medium run, there is a trade-off between growth and income distribution. And secondly, profit-led growth is contradictory at the global level. Wage-led growth, which offers a ‘high road’ approach, seems far more appealing. Furthermore, several authors, including in South Africa, have claimed that regime-switching (to wage-led growth), is possible, and it seems that labour market institutions may play an important role in facilitating such a switch. However, the empirical literature, especially regarding middle- and low-income countries, is sparse and inconclusive. The panel data analysis provided by this thesis was not conclusive in establishing whether the wage-led, high road path is still viable for countries like South Africa. However, it did not find strong evidence of the contrary. The thesis concluded that there is scope for further research in this field and makes certain suggestions in this regard. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Mpuku, Mutale Natasha Muchule
- Date: 2022-10-14
- Subjects: Collective bargaining , Globalization , Labor union members , Wages Statistics , Income distribution , Economic development , Neoliberalism , Capitalism
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357611 , vital:64760
- Description: Wage shares have been falling since the 1980s across developing and developed countries. There has also been a downward trend with labour market institutions in these countries, with a few exceptions. This thesis analyzes these trends using firstly an extended literature review and secondly an econometrics analysis of a panel of 36 countries over 39 years. The extended literature review identified two broad competing narratives surrounding this topic: the mainstream and the alternative growth narratives. They both focus on two different growth regimes, the former, posits that growth is profit-led and the latter that growth is wage-led. Both are not ‘zero sum’ processes and seem to offer the same end result (growth and development). However, profit-led growth seems to have two problems. First, at least in the medium run, there is a trade-off between growth and income distribution. And secondly, profit-led growth is contradictory at the global level. Wage-led growth, which offers a ‘high road’ approach, seems far more appealing. Furthermore, several authors, including in South Africa, have claimed that regime-switching (to wage-led growth), is possible, and it seems that labour market institutions may play an important role in facilitating such a switch. However, the empirical literature, especially regarding middle- and low-income countries, is sparse and inconclusive. The panel data analysis provided by this thesis was not conclusive in establishing whether the wage-led, high road path is still viable for countries like South Africa. However, it did not find strong evidence of the contrary. The thesis concluded that there is scope for further research in this field and makes certain suggestions in this regard. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
Igniting a revolution at point zero? Exploring the barriers to early learning access in South Africa and the possibility of the social economy : a comparative analysis and study of Smartstart
- Authors: McCann, Claire Mary
- Date: 2022-10-14
- Subjects: Early childhood education South Africa , Social economy South Africa , Smart Start , Education and state South Africa , Social democracy , Dual economy South Africa , South Africa Economic conditions 1991-
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403080 , vital:69920
- Description: Economic theory suggests that the greatest return to education investment is in the earliest years; early learning and childcare may enhance skill accumulation and mothers’ labour market choices. These services may be catalytic, igniting a revolution at point zero that transforms family outcomes and aids development. In South Africa, however, early learning deficits persist. This thesis explores barriers to quality early learning access and the possibility social economy initiatives offer, focusing on social franchises like SmartStart. Document analysis, comparative analysis, and interviews with SmartStart leaders suggest two key barriers. Firstly, where private firms are dominant and ability to pay for services is limited, low-income areas are under-served. For this reason, Polanyi claims that markets should be embedded in institutions. A post-Polanyian approach emphasises the role of social investment states, which focus spending on education and where social protection scaffolds markets, in this regard. The South African state seems to embrace this approach as ECD policy frames early learning as a public good and social investment. However, a second barrier is that an insulated state enables technocratic over democratic embeddedness, with powerful rights-based discourse but poor implementation. In particular, it seems that the state lacks a framework to progressively realise the right to quality early learning. Attempts to enforce high standards are not accompanied by sufficient resources, capacity or collaboration, resulting in sub-standard services and barriers to entry. Even in better resourced contexts (e.g., Basic Education), top-down, technocratic models (re)produce failing systems, where those with means exit in favour of market alternatives. An exploration of other developing countries suggests that this failure, with variations, prevails, but also that possibility exists. In these contexts, states seem more coordinated and responsive when partnering with civil society. In South Africa, the SmartStart model is based on partnership. SmartStart frames itself as a delivery platform, building relationships with local NGOs to simultaneously scale and deepen early learning. Partnerships with communities are crucial, to build demand in a sector whose association with social reproduction means that its economic significance may be overlooked. In addition, SmartStart puts forward a child-centred approach based on a prefigurative vision but also responsive to the realities of under-resourced contexts, aiming to progressively realise rights. Though with some limitations, SmartStart’s least-cost innovation for scale provides lessons for the state. As the state’s ECD mandate shifts to Basic Education, these findings serve to inform a more effective implementation model, leveraging resources that already exist. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: McCann, Claire Mary
- Date: 2022-10-14
- Subjects: Early childhood education South Africa , Social economy South Africa , Smart Start , Education and state South Africa , Social democracy , Dual economy South Africa , South Africa Economic conditions 1991-
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403080 , vital:69920
- Description: Economic theory suggests that the greatest return to education investment is in the earliest years; early learning and childcare may enhance skill accumulation and mothers’ labour market choices. These services may be catalytic, igniting a revolution at point zero that transforms family outcomes and aids development. In South Africa, however, early learning deficits persist. This thesis explores barriers to quality early learning access and the possibility social economy initiatives offer, focusing on social franchises like SmartStart. Document analysis, comparative analysis, and interviews with SmartStart leaders suggest two key barriers. Firstly, where private firms are dominant and ability to pay for services is limited, low-income areas are under-served. For this reason, Polanyi claims that markets should be embedded in institutions. A post-Polanyian approach emphasises the role of social investment states, which focus spending on education and where social protection scaffolds markets, in this regard. The South African state seems to embrace this approach as ECD policy frames early learning as a public good and social investment. However, a second barrier is that an insulated state enables technocratic over democratic embeddedness, with powerful rights-based discourse but poor implementation. In particular, it seems that the state lacks a framework to progressively realise the right to quality early learning. Attempts to enforce high standards are not accompanied by sufficient resources, capacity or collaboration, resulting in sub-standard services and barriers to entry. Even in better resourced contexts (e.g., Basic Education), top-down, technocratic models (re)produce failing systems, where those with means exit in favour of market alternatives. An exploration of other developing countries suggests that this failure, with variations, prevails, but also that possibility exists. In these contexts, states seem more coordinated and responsive when partnering with civil society. In South Africa, the SmartStart model is based on partnership. SmartStart frames itself as a delivery platform, building relationships with local NGOs to simultaneously scale and deepen early learning. Partnerships with communities are crucial, to build demand in a sector whose association with social reproduction means that its economic significance may be overlooked. In addition, SmartStart puts forward a child-centred approach based on a prefigurative vision but also responsive to the realities of under-resourced contexts, aiming to progressively realise rights. Though with some limitations, SmartStart’s least-cost innovation for scale provides lessons for the state. As the state’s ECD mandate shifts to Basic Education, these findings serve to inform a more effective implementation model, leveraging resources that already exist. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
Rural households’ perceptions of an invasive alien species rosa rubiginosa l. (rosehip) and the role it plays in rural livelihoods in Lesotho
- Authors: Makhorole, Thato Violet
- Date: 2022-10-14
- Subjects: Rose hips Lesotho , Invasive plants Lesotho , Rural poor Lesotho , Probit model , Principal components analysis
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403069 , vital:69919
- Description: Despite the vast research on the negative impacts of invasive alien species on the environment, these species remain part of the rural communities due to their numerous livelihood uses. Thus, more research is required, focusing mainly on the impacts of invasive alien species on the livelihoods of rural communities. This study investigated the community perceptions of rosehip (Rosa rubiginosa) and its contribution to rural communities as an invasive alien species. Four community councils, Pitseng, Matlameng, Limamarela and Mphorosane in the Leribe District Lesotho, were assessed. The study followed the pragmatism paradigm. The contribution of rosehip to rural livelihoods was analysed by comparing income from rosehip with other income sources. The study used simple random sampling and snowball sampling to select a representative of 160 respondents. The primary data was collected using semi-structured questionnaires. Moreover, SPSS and Stata statistical package programs were used for statistical analyses. The results showed that rosehip's livelihood benefits, its negative impacts, the length of time it has been available in the area, and its abundance highly influence the social, economic and environmental perception of rural communities. Furthermore, the study revealed that although the income from rosehip is extremely low and available for only three months of the year, the income plays an important part to the poorer households who have no other income sources. The study found that the main reason for engagement in rosehip harvesting despite its challenging nature was unemployment. The study also revealed that rosehip is part of the risk-reducing strategy or income diversification. Some households used it to complement other sources of income, such as agricultural production. Rosehip trade, if well-controlled, has the potential to alleviate rural poverty by creating job opportunities, providing a source of household income, and acting as a safety net in the face of shocks such as limited job opportunities and food shortages. In conclusion, households’ perceptions of rosehip have proven that rosehip is a valuable resource that provides a supplementary income that contributes towards alleviating poverty in Lesotho’s rural communities. The study recommends the private sector to establish and manages small agro-processing industries focusing on products used daily. The study also encourages environmental education and indigenous knowledge among community members, which would include knowledge and recognition of invasive alien species and their potential benefits and threats. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Makhorole, Thato Violet
- Date: 2022-10-14
- Subjects: Rose hips Lesotho , Invasive plants Lesotho , Rural poor Lesotho , Probit model , Principal components analysis
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403069 , vital:69919
- Description: Despite the vast research on the negative impacts of invasive alien species on the environment, these species remain part of the rural communities due to their numerous livelihood uses. Thus, more research is required, focusing mainly on the impacts of invasive alien species on the livelihoods of rural communities. This study investigated the community perceptions of rosehip (Rosa rubiginosa) and its contribution to rural communities as an invasive alien species. Four community councils, Pitseng, Matlameng, Limamarela and Mphorosane in the Leribe District Lesotho, were assessed. The study followed the pragmatism paradigm. The contribution of rosehip to rural livelihoods was analysed by comparing income from rosehip with other income sources. The study used simple random sampling and snowball sampling to select a representative of 160 respondents. The primary data was collected using semi-structured questionnaires. Moreover, SPSS and Stata statistical package programs were used for statistical analyses. The results showed that rosehip's livelihood benefits, its negative impacts, the length of time it has been available in the area, and its abundance highly influence the social, economic and environmental perception of rural communities. Furthermore, the study revealed that although the income from rosehip is extremely low and available for only three months of the year, the income plays an important part to the poorer households who have no other income sources. The study found that the main reason for engagement in rosehip harvesting despite its challenging nature was unemployment. The study also revealed that rosehip is part of the risk-reducing strategy or income diversification. Some households used it to complement other sources of income, such as agricultural production. Rosehip trade, if well-controlled, has the potential to alleviate rural poverty by creating job opportunities, providing a source of household income, and acting as a safety net in the face of shocks such as limited job opportunities and food shortages. In conclusion, households’ perceptions of rosehip have proven that rosehip is a valuable resource that provides a supplementary income that contributes towards alleviating poverty in Lesotho’s rural communities. The study recommends the private sector to establish and manages small agro-processing industries focusing on products used daily. The study also encourages environmental education and indigenous knowledge among community members, which would include knowledge and recognition of invasive alien species and their potential benefits and threats. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
The relationship between economic growth and taxation: an empirical study on optimal taxation in sub-Saharan Africa
- Authors: Kent, Bradley Athol
- Date: 2022-10-14
- Subjects: Taxation Africa, Sub-Saharan , Optimal tax , Economic development Africa, Sub-Saharan , Tax collection Africa, Sub-Saharan
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403058 , vital:69918
- Description: The relationship between economic growth and taxation is a complex and highly debated issue, this thesis investigates whether a significant relationship can be identified, and whether it is the level that truly matters for fiscal policies aimed at being growth enhancing. Further investigation examines this relationship, in addition to testing whether there is a threshold below which tax collection may be considered ‘growth-enhancing’, and above which is negative for economic growth, and if such a threshold exists, to identify the manner in which taxation negatively impacts economic growth. The study makes use of a panel data approach to autoregressive distributed lag modelling and a generalised least squares regression. The study focuses on a panel data sample for seven (7) countries within Sub-Saharan Africa (SSA) between 1997 – 2017. It found that total tax revenue held a positive and significant relationship with economic growth at the SSA level, whilst at the individual tax level; PAYE and property taxes were found to have a negative influence on growth, with no other fiscal variables significantly influencing growth in the long run in SSA test. Whereas, when analysing at the country-specific level it was found PAYE was only significantly influencing growth in South Africa, where the relationship was found to be negative. Corporate tax revealed a similar significant negative relationship in Swaziland and Cameroon. In addition, property taxes revealed a significant and negative relationship in South Africa, yet in Rwanda the influence was positive. Overall, the study found that there is significant relationship between economic growth and taxation in the SSA context. However, when analysing the countries in isolation, no such relationship was found. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Kent, Bradley Athol
- Date: 2022-10-14
- Subjects: Taxation Africa, Sub-Saharan , Optimal tax , Economic development Africa, Sub-Saharan , Tax collection Africa, Sub-Saharan
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/403058 , vital:69918
- Description: The relationship between economic growth and taxation is a complex and highly debated issue, this thesis investigates whether a significant relationship can be identified, and whether it is the level that truly matters for fiscal policies aimed at being growth enhancing. Further investigation examines this relationship, in addition to testing whether there is a threshold below which tax collection may be considered ‘growth-enhancing’, and above which is negative for economic growth, and if such a threshold exists, to identify the manner in which taxation negatively impacts economic growth. The study makes use of a panel data approach to autoregressive distributed lag modelling and a generalised least squares regression. The study focuses on a panel data sample for seven (7) countries within Sub-Saharan Africa (SSA) between 1997 – 2017. It found that total tax revenue held a positive and significant relationship with economic growth at the SSA level, whilst at the individual tax level; PAYE and property taxes were found to have a negative influence on growth, with no other fiscal variables significantly influencing growth in the long run in SSA test. Whereas, when analysing at the country-specific level it was found PAYE was only significantly influencing growth in South Africa, where the relationship was found to be negative. Corporate tax revealed a similar significant negative relationship in Swaziland and Cameroon. In addition, property taxes revealed a significant and negative relationship in South Africa, yet in Rwanda the influence was positive. Overall, the study found that there is significant relationship between economic growth and taxation in the SSA context. However, when analysing the countries in isolation, no such relationship was found. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
The trade and poverty nexus in South Africa: investigating the transmission mechanism and the associated challenges
- Authors: Bhebhe, Nonceba Fikile
- Date: 2022-10-14
- Subjects: Commerce , Free trade , International trade , Poverty South Africa , Poverty Prevention , South Africa Economic conditions 1991-
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357515 , vital:64750
- Description: International trade plays an essential role in economic development strategies. In literature, foreign trade is identified as a driver of economic growth. In recent times there has been an expansion in the scope of investigations around the role of international trade to include its links with poverty alleviation. Poverty alleviation is explicitly identified as the first goal on the 2030 agenda for sustainable development under the Sustainable Development Goals and implicitly defined in goal 10. International trade is seen as the engine behind achieving the goal. South Africa records excessive poverty and inequality levels by international standards for a middle-income country. The most recent Poverty Trends Report for 2006 - 2015 reports 55.5% of the population living in poverty. Inequality statistics reported a per capita expenditure Gini coefficient of 0.65 in 2015, evidence that the country has high levels of inequality. The country's severe poverty, unemployment, and inequality prompt policymakers to formulate developmental policies around the underlying structural challenges. Trade openness has increased since the end of the Apartheid era. Despite the increased trade openness, economic growth has been insufficient in reducing the high unemployment and poverty levels, presenting a challenge for economists, who argue that trade openness is pro-growth and pro-poor. In the South African case, the lack of change in the structural challenges of poverty, unemployment and inequality has raised concerns over whether the trade policy reforms made since 1994 interfere with development objectives. This study aims to investigate the impact of trade liberalisation on poverty, using the three channels, namely enterprise, distribution, and government that have been researched within the McCulloch, Winters and Cirera framework. Specifically, it investigates the linkages via the transmission mechanism in which trade affects poverty in South Africa by mapping the transmission mechanisms from trade liberalisation to poverty alleviation, whilst identifying the possible challenges to the transmission mechanisms and lastly, analysing the stylised facts around trade and poverty in South Africa. To answer the question of this study, quantitative data from National Income Dynamic Study (NIDS) was merged longitudinally and aggregated with the industry tariff data sourced from the World Trade Organisation (WTO) and United Nations Conference on Trade and Development (UNCTAD) statistics. A path analysis was undertaken to map the transmission mechanism, whilst descriptive statistics were used to identify the possible associated challenges. The results show that the most significant channel of transmission are the enterprise and distribution channel. However, the effects are of a small margin and a more comprehensive trade policy yield a higher margin of poverty alleviation. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
- Authors: Bhebhe, Nonceba Fikile
- Date: 2022-10-14
- Subjects: Commerce , Free trade , International trade , Poverty South Africa , Poverty Prevention , South Africa Economic conditions 1991-
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/357515 , vital:64750
- Description: International trade plays an essential role in economic development strategies. In literature, foreign trade is identified as a driver of economic growth. In recent times there has been an expansion in the scope of investigations around the role of international trade to include its links with poverty alleviation. Poverty alleviation is explicitly identified as the first goal on the 2030 agenda for sustainable development under the Sustainable Development Goals and implicitly defined in goal 10. International trade is seen as the engine behind achieving the goal. South Africa records excessive poverty and inequality levels by international standards for a middle-income country. The most recent Poverty Trends Report for 2006 - 2015 reports 55.5% of the population living in poverty. Inequality statistics reported a per capita expenditure Gini coefficient of 0.65 in 2015, evidence that the country has high levels of inequality. The country's severe poverty, unemployment, and inequality prompt policymakers to formulate developmental policies around the underlying structural challenges. Trade openness has increased since the end of the Apartheid era. Despite the increased trade openness, economic growth has been insufficient in reducing the high unemployment and poverty levels, presenting a challenge for economists, who argue that trade openness is pro-growth and pro-poor. In the South African case, the lack of change in the structural challenges of poverty, unemployment and inequality has raised concerns over whether the trade policy reforms made since 1994 interfere with development objectives. This study aims to investigate the impact of trade liberalisation on poverty, using the three channels, namely enterprise, distribution, and government that have been researched within the McCulloch, Winters and Cirera framework. Specifically, it investigates the linkages via the transmission mechanism in which trade affects poverty in South Africa by mapping the transmission mechanisms from trade liberalisation to poverty alleviation, whilst identifying the possible challenges to the transmission mechanisms and lastly, analysing the stylised facts around trade and poverty in South Africa. To answer the question of this study, quantitative data from National Income Dynamic Study (NIDS) was merged longitudinally and aggregated with the industry tariff data sourced from the World Trade Organisation (WTO) and United Nations Conference on Trade and Development (UNCTAD) statistics. A path analysis was undertaken to map the transmission mechanism, whilst descriptive statistics were used to identify the possible associated challenges. The results show that the most significant channel of transmission are the enterprise and distribution channel. However, the effects are of a small margin and a more comprehensive trade policy yield a higher margin of poverty alleviation. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-10-14
A framework for the economic valuation of wetland rehabilitation: case studies from South Africa
- Authors: Browne, Michelle
- Date: 2022-04-06
- Subjects: Wetland restoration South Africa , Wetland management South Africa , Ecosystem management South Africa , Ecosystem services South Africa , Ecosystem management Economic aspects South Africa , Wetland restoration Cost effectiveness South Africa
- Language: English
- Type: Academic theses , Doctoral theses , text
- Identifier: http://hdl.handle.net/10962/263560 , vital:53638 , DOI 10.21504/10962/263561
- Description: Wetlands are recognised as having the potential to contribute long-term benefits to society; wetland rehabilitation is undertaken to recover these benefits in response to widespread wetland degradation. Increasingly, there have been calls to value the benefits of wetland rehabilitation to justify further investment. Such is the case in South Africa. Furthermore, recent global agendas and targets for ecosystem restoration, such as the declaration of the Decade of Restoration 2021-2030, suggest increasing pressure on governments to implement rehabilitation and imply a concomitant increase in decision-making regarding where and how to rehabilitate. In response to these information needs, this thesis explores the economic valuation of wetland rehabilitation through a narrative review of the foundational theory of values and valuation, a quantitative review of applied wetland rehabilitation economic valuation studies, and the evaluation of five wetland rehabilitation projects from South Africa. Projects were selected as case studies to represent various rehabilitation goals and explore different contexts (urban-rural; beneficiary groups), the timing of the evaluation (ex ante, ex post) and value types and valuation methods. The final chapter of the thesis integrates the case study experiences with the findings of the theoretical research components to propose a framework for the valuation of wetland rehabilitation, which can be applied in South Africa, and more generally, to further demonstrate the values of wetland rehabilitation, and as a tool to guide wetland rehabilitation decision-making. While initially grounded in mainstream economics, the research led into a number of fields including philosophy, social-ecological systems and social-ecological relations thinking, several environmental science areas and livelihood and human well-being frameworks. A deeper look into economic theory and history revealed an evolution of thinking on the meaning of ‘value’ and view of ‘nature’ and numerous critiques of standard neoclassical economics. From the insights gained and the case study experiences, this thesis argues that the neoclassical economic perspective, especially combined with a monetary metric, is too restrictive, and arguably too abstract in its assumptions of human behaviour and reliance on mathematical models, as an overarching framework for the valuation of wetland rehabilition. This is not to suggest that standard economic valuation concepts and methods cannot be useful, as the research case studies illustrated, but rather that wetland valuation must be approached from a value pluralism perspective. To this end, the proposed framework offers a way to think beyond, or in addition to, standard economic approaches in articulating the values of wetland rehabilitation. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Browne, Michelle
- Date: 2022-04-06
- Subjects: Wetland restoration South Africa , Wetland management South Africa , Ecosystem management South Africa , Ecosystem services South Africa , Ecosystem management Economic aspects South Africa , Wetland restoration Cost effectiveness South Africa
- Language: English
- Type: Academic theses , Doctoral theses , text
- Identifier: http://hdl.handle.net/10962/263560 , vital:53638 , DOI 10.21504/10962/263561
- Description: Wetlands are recognised as having the potential to contribute long-term benefits to society; wetland rehabilitation is undertaken to recover these benefits in response to widespread wetland degradation. Increasingly, there have been calls to value the benefits of wetland rehabilitation to justify further investment. Such is the case in South Africa. Furthermore, recent global agendas and targets for ecosystem restoration, such as the declaration of the Decade of Restoration 2021-2030, suggest increasing pressure on governments to implement rehabilitation and imply a concomitant increase in decision-making regarding where and how to rehabilitate. In response to these information needs, this thesis explores the economic valuation of wetland rehabilitation through a narrative review of the foundational theory of values and valuation, a quantitative review of applied wetland rehabilitation economic valuation studies, and the evaluation of five wetland rehabilitation projects from South Africa. Projects were selected as case studies to represent various rehabilitation goals and explore different contexts (urban-rural; beneficiary groups), the timing of the evaluation (ex ante, ex post) and value types and valuation methods. The final chapter of the thesis integrates the case study experiences with the findings of the theoretical research components to propose a framework for the valuation of wetland rehabilitation, which can be applied in South Africa, and more generally, to further demonstrate the values of wetland rehabilitation, and as a tool to guide wetland rehabilitation decision-making. While initially grounded in mainstream economics, the research led into a number of fields including philosophy, social-ecological systems and social-ecological relations thinking, several environmental science areas and livelihood and human well-being frameworks. A deeper look into economic theory and history revealed an evolution of thinking on the meaning of ‘value’ and view of ‘nature’ and numerous critiques of standard neoclassical economics. From the insights gained and the case study experiences, this thesis argues that the neoclassical economic perspective, especially combined with a monetary metric, is too restrictive, and arguably too abstract in its assumptions of human behaviour and reliance on mathematical models, as an overarching framework for the valuation of wetland rehabilition. This is not to suggest that standard economic valuation concepts and methods cannot be useful, as the research case studies illustrated, but rather that wetland valuation must be approached from a value pluralism perspective. To this end, the proposed framework offers a way to think beyond, or in addition to, standard economic approaches in articulating the values of wetland rehabilitation. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
Bond market integration in the Common Monetary Area (CMA)
- Ramoriting, Retšelisitsoe Silvia
- Authors: Ramoriting, Retšelisitsoe Silvia
- Date: 2022-04-06
- Subjects: Globalization , Globalization Economic aspects , Bond market , Rand area , Africa, Southern Economic integration , Autoregressive distributed lag (ARDL) model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284592 , vital:56077
- Description: The study reviews the phenomenon of financial integration. During the late 1980s and 1990s, financial market integration around the world increased due to globalisation of investments and the need for higher returns and international risk diversification. The increase was accompanied by a significant increase in private capital flows into developing countries from developed countries. The main goal of the study is to examine bond market integration in the common monetary area The study therefore investigates the co-movement of government bond returns within the CMA using data from Eswatini, Namibia, and South Africa. The study attempts to find the short-run and long-run relationship of these government bond returns using the ARDL cointegration technique. The study uses daily data of 10-year government bond yields spanning from August 2014 to September 2019. The empirical results reveal that there exists a short-run and long-run relationship between South Africa and Eswatini. Between South Africa and Namibia, there only exist a short-run relationship. Just like the previously mentioned studies, the short-run relationship is a result of policy convergence. The lack of long-run relationship between South and Namibia was due to poor institutional developments and limited investment opportunities. In this case, policy measures (or reforms) and a review of the union are necessary to increase integration of these bond markets. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Ramoriting, Retšelisitsoe Silvia
- Date: 2022-04-06
- Subjects: Globalization , Globalization Economic aspects , Bond market , Rand area , Africa, Southern Economic integration , Autoregressive distributed lag (ARDL) model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284592 , vital:56077
- Description: The study reviews the phenomenon of financial integration. During the late 1980s and 1990s, financial market integration around the world increased due to globalisation of investments and the need for higher returns and international risk diversification. The increase was accompanied by a significant increase in private capital flows into developing countries from developed countries. The main goal of the study is to examine bond market integration in the common monetary area The study therefore investigates the co-movement of government bond returns within the CMA using data from Eswatini, Namibia, and South Africa. The study attempts to find the short-run and long-run relationship of these government bond returns using the ARDL cointegration technique. The study uses daily data of 10-year government bond yields spanning from August 2014 to September 2019. The empirical results reveal that there exists a short-run and long-run relationship between South Africa and Eswatini. Between South Africa and Namibia, there only exist a short-run relationship. Just like the previously mentioned studies, the short-run relationship is a result of policy convergence. The lack of long-run relationship between South and Namibia was due to poor institutional developments and limited investment opportunities. In this case, policy measures (or reforms) and a review of the union are necessary to increase integration of these bond markets. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
Exchange rate volatility and the returns on diversified South African investment portfolios
- Authors: Mulamu, Murendeni
- Date: 2022-04-06
- Subjects: Foreign exchange rates South Africa , Rate of return , Investments , GARCH model , Regression analysis , Autoregressive distributed lag (ARDL) model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284581 , vital:56076
- Description: Globalisation has made it much easier to invest in foreign countries. This creates endless options accessible to investors, including exploiting opportunities for investment in international economies. Although foreign investment portfolio diversification provides significant opportunities for financial returns, exchange rate volatility may play a prominent role when investing in foreign markets. Since the introduction of a floating exchange rate system, together with the inflation-targeting monetary policy framework in South Africa, there has been significant volatility in the exchange rate, far more than during the previous dispensations. This, however, creates a strong need to consider how the unpredictable nature of the exchange rate affects these investments. The purpose of this study is to analyse the effect of exchange rate volatility on the returns on diversified South African investment portfolios. This research examined whether there is a homogenous relationship between South African (domestic) portfolios and the internationally diversified portfolios. In addition, the study investigated the long-run relationship between the exchange rate volatility and both domestic portfolios and the internationally diversified portfolios for the period 2007-2019. To achieve these goals, a panel ARDL model was employed. This study found that exchange rate volatility does not account for a significant portion of returns on investment portfolios fluctuations. Moreover, the relationship is not homogenous because returns on domestic investment portfolios react positively to the exchange rate volatility, whereas returns international investment portfolios respond negatively/positively to the exchange rate volatility depending on whether the relationship is short or long run. This study will contribute to the existing literature, and it is important for investors intending to diversify their investment portfolios both domestically and internationally using different mutual funds in South Africa. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Mulamu, Murendeni
- Date: 2022-04-06
- Subjects: Foreign exchange rates South Africa , Rate of return , Investments , GARCH model , Regression analysis , Autoregressive distributed lag (ARDL) model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284581 , vital:56076
- Description: Globalisation has made it much easier to invest in foreign countries. This creates endless options accessible to investors, including exploiting opportunities for investment in international economies. Although foreign investment portfolio diversification provides significant opportunities for financial returns, exchange rate volatility may play a prominent role when investing in foreign markets. Since the introduction of a floating exchange rate system, together with the inflation-targeting monetary policy framework in South Africa, there has been significant volatility in the exchange rate, far more than during the previous dispensations. This, however, creates a strong need to consider how the unpredictable nature of the exchange rate affects these investments. The purpose of this study is to analyse the effect of exchange rate volatility on the returns on diversified South African investment portfolios. This research examined whether there is a homogenous relationship between South African (domestic) portfolios and the internationally diversified portfolios. In addition, the study investigated the long-run relationship between the exchange rate volatility and both domestic portfolios and the internationally diversified portfolios for the period 2007-2019. To achieve these goals, a panel ARDL model was employed. This study found that exchange rate volatility does not account for a significant portion of returns on investment portfolios fluctuations. Moreover, the relationship is not homogenous because returns on domestic investment portfolios react positively to the exchange rate volatility, whereas returns international investment portfolios respond negatively/positively to the exchange rate volatility depending on whether the relationship is short or long run. This study will contribute to the existing literature, and it is important for investors intending to diversify their investment portfolios both domestically and internationally using different mutual funds in South Africa. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
Institutional innovations for improved water security in smallholder irrigation schemes in KwaZulu-Natal and Eastern Cape Provinces, South Africa
- Authors: Phakathi, Sandile
- Date: 2022-04-06
- Subjects: Water security South Africa , Rural development projects South Africa , Institutional cooperation South Africa , Irrigation farming South Africa , Food security South Africa , Agricultural innovations South Africa , Irrigation Technological innovations South Africa , Smallholder irrigation schemes
- Language: English
- Type: Doctoral thesis , text
- Identifier: http://hdl.handle.net/10962/232341 , vital:49983 , DOI 10.21504/10962/232341
- Description: Smallholder irrigation schemes are regarded as a key strategy to eliminate poverty and increase food security in rural areas in South Africa. While the South African government has invested heavily in rural development schemes, most irrigation schemes face a myriad of challenges, including deficient infrastructure, weak institutional arrangements and water insecurity. Weak institutions have been identified as a major bottleneck in the performance of smallholder irrigation schemes in developing countries, including South Africa. Two main reasons have been identified for this challenge. Firstly, the agency of the irrigators was ignored during the design of the schemes. Treating farmers as passive rather than active agents resulted in institutional arrangements that were not context-specific, as well as weak farmer commitment to the ownership and management of the schemes, leading to system breakdown. Despite being noble in intention or design, institutions designed by outsiders often fail due to a lack of legitimacy. Secondly, institutions have failed to evolve to cope with dynamic challenges and opportunities in the sector. Stability over a reasonable period is required for institutions to effectively perform their crucial role of establishing reasonable expectations in dealings among people. Institutional innovations are required to keep up with the changing nature of development. In particular, farmer-led institutional innovations have been touted as key to improving the management of water resources in irrigation schemes. Farmer-led institutional innovation refers to a process, in which farmers themselves initiate, establish, and improve institutions based on their context-specific challenges or opportunities. Farmers’ groups are regarded as an important institutional arrangement to reduce transaction costs, improve social networks, and increase livelihood outcomes. However, little is known about the internal dynamics of these farmer groups, how they operate, and whether or not they are inclusive and innovative, as well as what makes certain groups more successful than others. Furthermore, there is a paucity of research on whether these farmer groups embrace institutional innovations to improve water security and strengthen their design principles that are crucial for collective action. It is against this background that this study aimed to examine the internal group dynamics within the farmer groups; determine whether smallholder farmers are capable of implementing institutional innovations that are novel, useful and legitimate; determine the nature of these innovations (incremental or radical) and their role in improving water security. The main theories that underpinned the study were induced institutional innovation theory, collective action theory, random utility theory and Ostrom’s eight design principles. Multistage sampling was used to collect data from 28 farmer groups and 401 irrigators in smallholder irrigation schemes in KwaZulu-Natal (Tugela Ferry and Mooi River) and the Eastern Cape (Qamata and Zanyokwe). Data were gathered by means of focus group discussions, key informant interviews and household surveys. Several empirical tools were employed to analyse the data (descriptive statistics, thematic analysis, logit model, propensity score matching, PCA and OLS). The study found that group membership was associated with higher levels of water access, adoption of inorganic fertiliser, incomes and assets. Group members had an additional four days’ access to water in a month and applied at least 130 kg/ha more inorganic fertiliser than non-group members. Group members also had a higher household income per capita and more assets than non-group members. However, the results revealed a heterogeneous effect among group members, with the benefits varying according to members’ socio-economic characteristics as well as internal group dynamics. The results suggest that organising farmers into groups should be promoted to improve farmers’ access to productive assets such as water, technology adoption and welfare outcomes. However, the study findings also indicate that smaller groups should be promoted, programmes targeted at empowering women should be prioritised, and that it is imperative to invest in improving farmers’ human capital through various training initiatives. The results indicated that farmers could develop and implement institutional innovations that are novel, useful and legitimate. Of the 28 groups, 21 (75%) had implemented institutional innovations in the past three years. Examples of innovations include, among others, the introduction of a secret voting system to improve marginalised people’s participation in decision-making processes, designing daily rotation rosters to reduce conflict, using an attendance register for participation in group activities, and rewarding members according to their participation levels. Most of these innovations were designed to improve the graduated sanction mechanism (22.2%), enhance the penalty system for non-compliance; improve collective action arrangements (27.8%); monitor attendance of group meetings (18.5%); democratise decision making; and ensure equitable water distribution. However, they mainly focused on addressing challenges rather than exploiting opportunities and were largely incremental (94%), involving an adjustment or reinterpretation of rules and regulations. Furthermore, the innovative groups were small in size and were dominated by male farmers. Based on these results, it is recommended that the government should build on the irrigators’ agency to improve the effectiveness and legitimacy of institutional arrangements in irrigation schemes. The findings also suggest that small groups should be actively promoted, while tailored training should be offered based on the groups’ specific needs to improve institutional innovations in the smallholder irrigation sector in South Africa. A positive association was established between belonging to an innovative group and water security, highlighting the importance of institutional innovations in water security. The propensity score matching indicated that water secure irrigators produced an additional 569-622 kg of maize and earned additional income of R2 037.81. The study’s findings suggest that organising farmers into groups is a promising strategy to improve farmers livelihoods and water security. The government and private donors should thus continue to promote the formation and organisation of farmers into groups. The innovative agency of the irrigators should be acknowledged and harnessed to strengthen institutional innovations. The focus should be on strengthening the institutions designed by farmers themselves, as these are locally contextualised and socially embedded, and hence legitimate. It is recommended that small groups should be actively promoted, while tailored training should be offered based on groups’ specific needs to improve institutional innovations in the smallholder irrigation sector in South Africa. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Phakathi, Sandile
- Date: 2022-04-06
- Subjects: Water security South Africa , Rural development projects South Africa , Institutional cooperation South Africa , Irrigation farming South Africa , Food security South Africa , Agricultural innovations South Africa , Irrigation Technological innovations South Africa , Smallholder irrigation schemes
- Language: English
- Type: Doctoral thesis , text
- Identifier: http://hdl.handle.net/10962/232341 , vital:49983 , DOI 10.21504/10962/232341
- Description: Smallholder irrigation schemes are regarded as a key strategy to eliminate poverty and increase food security in rural areas in South Africa. While the South African government has invested heavily in rural development schemes, most irrigation schemes face a myriad of challenges, including deficient infrastructure, weak institutional arrangements and water insecurity. Weak institutions have been identified as a major bottleneck in the performance of smallholder irrigation schemes in developing countries, including South Africa. Two main reasons have been identified for this challenge. Firstly, the agency of the irrigators was ignored during the design of the schemes. Treating farmers as passive rather than active agents resulted in institutional arrangements that were not context-specific, as well as weak farmer commitment to the ownership and management of the schemes, leading to system breakdown. Despite being noble in intention or design, institutions designed by outsiders often fail due to a lack of legitimacy. Secondly, institutions have failed to evolve to cope with dynamic challenges and opportunities in the sector. Stability over a reasonable period is required for institutions to effectively perform their crucial role of establishing reasonable expectations in dealings among people. Institutional innovations are required to keep up with the changing nature of development. In particular, farmer-led institutional innovations have been touted as key to improving the management of water resources in irrigation schemes. Farmer-led institutional innovation refers to a process, in which farmers themselves initiate, establish, and improve institutions based on their context-specific challenges or opportunities. Farmers’ groups are regarded as an important institutional arrangement to reduce transaction costs, improve social networks, and increase livelihood outcomes. However, little is known about the internal dynamics of these farmer groups, how they operate, and whether or not they are inclusive and innovative, as well as what makes certain groups more successful than others. Furthermore, there is a paucity of research on whether these farmer groups embrace institutional innovations to improve water security and strengthen their design principles that are crucial for collective action. It is against this background that this study aimed to examine the internal group dynamics within the farmer groups; determine whether smallholder farmers are capable of implementing institutional innovations that are novel, useful and legitimate; determine the nature of these innovations (incremental or radical) and their role in improving water security. The main theories that underpinned the study were induced institutional innovation theory, collective action theory, random utility theory and Ostrom’s eight design principles. Multistage sampling was used to collect data from 28 farmer groups and 401 irrigators in smallholder irrigation schemes in KwaZulu-Natal (Tugela Ferry and Mooi River) and the Eastern Cape (Qamata and Zanyokwe). Data were gathered by means of focus group discussions, key informant interviews and household surveys. Several empirical tools were employed to analyse the data (descriptive statistics, thematic analysis, logit model, propensity score matching, PCA and OLS). The study found that group membership was associated with higher levels of water access, adoption of inorganic fertiliser, incomes and assets. Group members had an additional four days’ access to water in a month and applied at least 130 kg/ha more inorganic fertiliser than non-group members. Group members also had a higher household income per capita and more assets than non-group members. However, the results revealed a heterogeneous effect among group members, with the benefits varying according to members’ socio-economic characteristics as well as internal group dynamics. The results suggest that organising farmers into groups should be promoted to improve farmers’ access to productive assets such as water, technology adoption and welfare outcomes. However, the study findings also indicate that smaller groups should be promoted, programmes targeted at empowering women should be prioritised, and that it is imperative to invest in improving farmers’ human capital through various training initiatives. The results indicated that farmers could develop and implement institutional innovations that are novel, useful and legitimate. Of the 28 groups, 21 (75%) had implemented institutional innovations in the past three years. Examples of innovations include, among others, the introduction of a secret voting system to improve marginalised people’s participation in decision-making processes, designing daily rotation rosters to reduce conflict, using an attendance register for participation in group activities, and rewarding members according to their participation levels. Most of these innovations were designed to improve the graduated sanction mechanism (22.2%), enhance the penalty system for non-compliance; improve collective action arrangements (27.8%); monitor attendance of group meetings (18.5%); democratise decision making; and ensure equitable water distribution. However, they mainly focused on addressing challenges rather than exploiting opportunities and were largely incremental (94%), involving an adjustment or reinterpretation of rules and regulations. Furthermore, the innovative groups were small in size and were dominated by male farmers. Based on these results, it is recommended that the government should build on the irrigators’ agency to improve the effectiveness and legitimacy of institutional arrangements in irrigation schemes. The findings also suggest that small groups should be actively promoted, while tailored training should be offered based on the groups’ specific needs to improve institutional innovations in the smallholder irrigation sector in South Africa. A positive association was established between belonging to an innovative group and water security, highlighting the importance of institutional innovations in water security. The propensity score matching indicated that water secure irrigators produced an additional 569-622 kg of maize and earned additional income of R2 037.81. The study’s findings suggest that organising farmers into groups is a promising strategy to improve farmers livelihoods and water security. The government and private donors should thus continue to promote the formation and organisation of farmers into groups. The innovative agency of the irrigators should be acknowledged and harnessed to strengthen institutional innovations. The focus should be on strengthening the institutions designed by farmers themselves, as these are locally contextualised and socially embedded, and hence legitimate. It is recommended that small groups should be actively promoted, while tailored training should be offered based on groups’ specific needs to improve institutional innovations in the smallholder irrigation sector in South Africa. , Thesis (PhD) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
Stock market volatility during times of crisis: a comparative analysis of the conditional volatilities of JSE stock indices during the 2007/08 global financial crisis and COVID-19
- Authors: Wang, Zixiao
- Date: 2022-04-06
- Subjects: Stock exchanges , Johannesburg Stock Exchange , Global Financial Crisis, 2008-2009 , COVID-19 (Disease) Economic aspects , Economic forecasting , Stock exchanges and current events , GARCH model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284603 , vital:56078
- Description: This research analyses the comparative behaviour of stock market volatility during two crises. The goal of this research is to determine whether assumed cyclical and defensive sectors have either retained or revealed their expected properties during both the Global Financial Crisis (GFC) and COVID-19 by analysing sectoral volatility amid these two crises. Understanding how volatility changes amid crises helps to determine whether the volatility assumptions of diversified investment portfolios for both defensive and cyclical sectors still held given the different causes of each crisis. In turn, this knowledge can assist with risk management and portfolio allocation in stock market investments. The study can also contribute towards the enhancement of financial markets’ resistance against systemic risks through portfolio diversification, and aid government decision-making targeted at tackling the weaknesses of different economic sectors especially in times of overall economic weakness. This research makes use of the GARCH model to analyse a group of daily time series that consists of eleven sectoral indices and one benchmark index, all based on the South African stock markets. These observed series are categorised into two full sample periods, one designated to the Global Financial Crisis (January 2006 to May 2009) and the other for COVID-19 (January 2018 to May 2021). These are further divided into two sets of sub-sample periods, each made up of a pre-crisis and during-crisis. Furthermore, the dummy variables representing the occurrence of structural breaks are inserted into the full sample periods’ conditional variance equations. This is aimed at capturing the asymmetrical impact of the crises themselves on all observed series. Based on the movement of volatility persistency from pre-crisis to during-crisis for both crises, the results show that, firstly, Health Care and Consumer Goods are considered defensive Sectors. Secondly, Banks, Basic Materials, Chemicals, Telecommunications, and Financials are considered cyclical Sectors. Thirdly, Automobiles & Parts, Consumer Services, and Technology are considered indeterminable Sectors due to the inconsistent behaviour of these sectors’ volatility persistency throughout the sub-sample periods of both crises. Overall, according to the average volatility persistency, the observed series for COVID-19’s full sample period are generally less volatile than those of the GFC. However, the sub-sample periods suggest that the observed series for both pre-crisis and during-crisis periods of COVID-19 are more volatile than those same sub-samples of the Global Financial Crisis. Being able to analyse the characteristics of stock market sectors is crucial for risk management and optimal portfolio allocation of stock market investments. This can be achieved through portfolio diversification by investing in a variety of stocks, both cyclical and defensive, and adjusted over time based the needs of stock market investors. Diversified portfolios do not only serve the interests of individual investors, but can also enhance the financial markets’ overall resistance against systemic risks. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Wang, Zixiao
- Date: 2022-04-06
- Subjects: Stock exchanges , Johannesburg Stock Exchange , Global Financial Crisis, 2008-2009 , COVID-19 (Disease) Economic aspects , Economic forecasting , Stock exchanges and current events , GARCH model
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284603 , vital:56078
- Description: This research analyses the comparative behaviour of stock market volatility during two crises. The goal of this research is to determine whether assumed cyclical and defensive sectors have either retained or revealed their expected properties during both the Global Financial Crisis (GFC) and COVID-19 by analysing sectoral volatility amid these two crises. Understanding how volatility changes amid crises helps to determine whether the volatility assumptions of diversified investment portfolios for both defensive and cyclical sectors still held given the different causes of each crisis. In turn, this knowledge can assist with risk management and portfolio allocation in stock market investments. The study can also contribute towards the enhancement of financial markets’ resistance against systemic risks through portfolio diversification, and aid government decision-making targeted at tackling the weaknesses of different economic sectors especially in times of overall economic weakness. This research makes use of the GARCH model to analyse a group of daily time series that consists of eleven sectoral indices and one benchmark index, all based on the South African stock markets. These observed series are categorised into two full sample periods, one designated to the Global Financial Crisis (January 2006 to May 2009) and the other for COVID-19 (January 2018 to May 2021). These are further divided into two sets of sub-sample periods, each made up of a pre-crisis and during-crisis. Furthermore, the dummy variables representing the occurrence of structural breaks are inserted into the full sample periods’ conditional variance equations. This is aimed at capturing the asymmetrical impact of the crises themselves on all observed series. Based on the movement of volatility persistency from pre-crisis to during-crisis for both crises, the results show that, firstly, Health Care and Consumer Goods are considered defensive Sectors. Secondly, Banks, Basic Materials, Chemicals, Telecommunications, and Financials are considered cyclical Sectors. Thirdly, Automobiles & Parts, Consumer Services, and Technology are considered indeterminable Sectors due to the inconsistent behaviour of these sectors’ volatility persistency throughout the sub-sample periods of both crises. Overall, according to the average volatility persistency, the observed series for COVID-19’s full sample period are generally less volatile than those of the GFC. However, the sub-sample periods suggest that the observed series for both pre-crisis and during-crisis periods of COVID-19 are more volatile than those same sub-samples of the Global Financial Crisis. Being able to analyse the characteristics of stock market sectors is crucial for risk management and optimal portfolio allocation of stock market investments. This can be achieved through portfolio diversification by investing in a variety of stocks, both cyclical and defensive, and adjusted over time based the needs of stock market investors. Diversified portfolios do not only serve the interests of individual investors, but can also enhance the financial markets’ overall resistance against systemic risks. , Thesis (MCom) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
The impact of urban gardening on household food security: evidence from Makhanda East, Eastern Cape Province, South Africa
- Bruwer, Guillaume Marcel Xavier
- Authors: Bruwer, Guillaume Marcel Xavier
- Date: 2022-04-06
- Subjects: Food security South Africa Makhanda , Urban agriculture South Africa Makhanda , Urban gardening South Africa Makhanda , Sustainable development South Africa Makhanda , South Africa Economic conditions , Subsistence farming South Africa Makhanda , Economic impact analysis South Africa Makhanda , Propensity Score Matching (PSM)
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/263575 , vital:53640
- Description: Urban gardening in townships is a common coping strategy employed by poor inhabitants to improve food security, earn income through sales, and generate cost-savings through home consumption of fresh produce. Food security is a cornerstone of human development and welfare, and the achievement thereof remains a global challenge. The majority of academic research and policy documentation traditionally positions food insecurity as a rural phenomenon. However, recent trends point to an increase in food insecurity in urban areas, particularly in low-income areas such as townships. In South Africa, rapid urbanization has led to burgeoning townships and rapidly expanding low-income informal settlements characterised by poverty, unemployment, and food insecurity. Research concerned with the role that urban agricultural production plays in contributing to the food security of poor households is scarce and not well understood. This research, therefore, aimed to contribute to the limited research which specifically examines urban food security, and the role urban agriculture play in the achievement of household food security. The study employed collective action theory and utility theory to firstly provides an in-depth examination of the determinants of participation in urban gardening using Probit regression modeling. The second research objective was to perform an impact evaluation of participation in urban gardening on selected household food security indicators including Household Dietary Diversity Scores (HDDS), the Household Hunger Scale (HHS) and the Coping Strategy Index (CSI) using Propensity Score Matching (PSM). Purposive and snowball sampling methods were employed to obtain a sample of 60 urban gardeners and a control group of 55 non-gardening households from Extension 6, 7 and 10 townships as well as Joza Location in Makhanda East, Eastern Cape Province. Households were surveyed using a structured household food security questionnaire. A focus group discussion was held with the Linomtha Community Garden members and key informant interviews were undertaken with important stakeholders such as the local extension officers. Descriptive analysis revealed that urban gardening households (UGs) had older household heads who were less educated, and that land and water availability were the dominant constraints to increases in agricultural production. Results from the probit and average marginal effects models showed that the likelihood of participation significantly increased when household unemployment and dependency increased and that households who were engaged in off-farm economic activity were more likely to participate in urban gardening. The impact evaluation was performed using PSM and Average Treatment Effect on the Treated (ATT). Analysis illustrated that participation in urban gardening does significantly reduce both the full CSI and Reduced CSI. Thus, participation in urban gardening improves the food security of participating households by significantly reducing the frequency of participating households (UGs) applying undesirable coping strategies such as sending children elsewhere other than the household, borrowing food from other households and reducing the number of meals eaten in a day due to food shortages. This study posits that urban gardening alone will not eradicate the rampant food insecurity and poverty which pervades in South Africa’s townships. However, urban gardening participation does contribute to the construction of a sustainable, urban livelihood by reducing the number and severity of the undesirable coping strategies that food insecure households employ by providing some nutritious produce as well improved social capital through gardening networks and supporting institutions. It is recommended that policy makers, at a national and municipal level, need to create a clearer directive for the integration of urban food production into the urban food marketplace thus increasing access to income generating channels for small-scale home, and community gardeners. Co-operation between private and public institutions for food security and urban gardeners needs to be fostered and awareness of opportunities to participate in urban gardens needs to be improved. Central to the developmental challenges that rapid increases in urbanization and food insecurity in poor urban areas, is the need for national and local governments to improve access to economic opportunities in township areas - both in urban agriculture and in other, skills intensive sectors. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06
- Authors: Bruwer, Guillaume Marcel Xavier
- Date: 2022-04-06
- Subjects: Food security South Africa Makhanda , Urban agriculture South Africa Makhanda , Urban gardening South Africa Makhanda , Sustainable development South Africa Makhanda , South Africa Economic conditions , Subsistence farming South Africa Makhanda , Economic impact analysis South Africa Makhanda , Propensity Score Matching (PSM)
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/263575 , vital:53640
- Description: Urban gardening in townships is a common coping strategy employed by poor inhabitants to improve food security, earn income through sales, and generate cost-savings through home consumption of fresh produce. Food security is a cornerstone of human development and welfare, and the achievement thereof remains a global challenge. The majority of academic research and policy documentation traditionally positions food insecurity as a rural phenomenon. However, recent trends point to an increase in food insecurity in urban areas, particularly in low-income areas such as townships. In South Africa, rapid urbanization has led to burgeoning townships and rapidly expanding low-income informal settlements characterised by poverty, unemployment, and food insecurity. Research concerned with the role that urban agricultural production plays in contributing to the food security of poor households is scarce and not well understood. This research, therefore, aimed to contribute to the limited research which specifically examines urban food security, and the role urban agriculture play in the achievement of household food security. The study employed collective action theory and utility theory to firstly provides an in-depth examination of the determinants of participation in urban gardening using Probit regression modeling. The second research objective was to perform an impact evaluation of participation in urban gardening on selected household food security indicators including Household Dietary Diversity Scores (HDDS), the Household Hunger Scale (HHS) and the Coping Strategy Index (CSI) using Propensity Score Matching (PSM). Purposive and snowball sampling methods were employed to obtain a sample of 60 urban gardeners and a control group of 55 non-gardening households from Extension 6, 7 and 10 townships as well as Joza Location in Makhanda East, Eastern Cape Province. Households were surveyed using a structured household food security questionnaire. A focus group discussion was held with the Linomtha Community Garden members and key informant interviews were undertaken with important stakeholders such as the local extension officers. Descriptive analysis revealed that urban gardening households (UGs) had older household heads who were less educated, and that land and water availability were the dominant constraints to increases in agricultural production. Results from the probit and average marginal effects models showed that the likelihood of participation significantly increased when household unemployment and dependency increased and that households who were engaged in off-farm economic activity were more likely to participate in urban gardening. The impact evaluation was performed using PSM and Average Treatment Effect on the Treated (ATT). Analysis illustrated that participation in urban gardening does significantly reduce both the full CSI and Reduced CSI. Thus, participation in urban gardening improves the food security of participating households by significantly reducing the frequency of participating households (UGs) applying undesirable coping strategies such as sending children elsewhere other than the household, borrowing food from other households and reducing the number of meals eaten in a day due to food shortages. This study posits that urban gardening alone will not eradicate the rampant food insecurity and poverty which pervades in South Africa’s townships. However, urban gardening participation does contribute to the construction of a sustainable, urban livelihood by reducing the number and severity of the undesirable coping strategies that food insecure households employ by providing some nutritious produce as well improved social capital through gardening networks and supporting institutions. It is recommended that policy makers, at a national and municipal level, need to create a clearer directive for the integration of urban food production into the urban food marketplace thus increasing access to income generating channels for small-scale home, and community gardeners. Co-operation between private and public institutions for food security and urban gardeners needs to be fostered and awareness of opportunities to participate in urban gardens needs to be improved. Central to the developmental challenges that rapid increases in urbanization and food insecurity in poor urban areas, is the need for national and local governments to improve access to economic opportunities in township areas - both in urban agriculture and in other, skills intensive sectors. , Thesis (MEcon) -- Faculty of Commerce, Economics and Economic History, 2022
- Full Text:
- Date Issued: 2022-04-06